The year ended on a good note for one Michigan-based lender that reported increased monthly production and an annual all-time high.
ABN AMRO Mortgage Group said it funded $5.5 billion in loans during the month of December. The total nudged up from $5.1 billion in the prior month, but was 57% below volume the prior year.
The company reach a milestone annual total of $125.4 billion -- derived from over 721,000 loans, said the subsidiary of a Dutch-based bank.
ABN AMRO's "focus on innovative lending practices as well as its dedication to exceeding its customers' and business partners' expectations boosted its production throughout 2003," said company executive Mike Maher, in the announcement. Such practices, according to the executive, included the launch of its online mortgage origination channel and the growth of demand for its OneFee mortgage.
The Michigan-based lender said its top origination channel, InterFirst Wholesale Lending, contributed $4.4 billion of the monthly production total, which is up slightly from the previous month and 56% below December 2002.
Of all ABN AMRO origination channels, the biggest annual volume percentage increase -- 58% -- was that of the National Lending Center, which had 2003 production of $11.7 billion, compared to $7.4 billion in 2002, according to the announcement.